尽管人们对公司战略的怀疑日益增加，MicroStrategy 仍购买了 5,262 BTC

MicroStrategy 再次成为头条新闻，以约 5.61 亿美元的价格购买了 5,262 BTC，平均价格为每 BTC 106,662 美元。

MicroStrategy has made headlines once again with its latest BTC purchase. The company acquired 5,262 BTC for approximately $561 million at an average price of $106,662 per BTC. This brings MicroStrategy's total BTC holdings to 444,262, acquired at a total cost of approximately $27.7 billion, with an average purchase price of $62,257 per BTC.

MicroStrategy 因其最新的 BTC 购买行为再次成为头条新闻。该公司以约 5.61 亿美元的价格收购了 5,262 比特币，平均价格为每比特币 106,662 美元。这使得 MicroStrategy 的 BTC 持有总量达到 444,262 枚，收购总成本约为 277 亿美元，平均购买价格为每枚 62,257 美元。

The company also announced impressive returns of 47.4% since the beginning of the quarter and 73.7% since the beginning of the year. However, some skepticism is growing about MicroStrategy's strategy.

该公司还宣布，自本季度初以来的回报率为 47.4%，自年初以来的回报率为 73.7%，令人印象深刻。然而，人们对 MicroStrategy 战略的怀疑与日俱增。

It is believed that to sustain its purchases, MicroStrategy raises capital through methods such as issuing convertible and corporate bonds, securing credit lines and selling shares. This cycle appears to operate as follows: shares are sold to acquire the cryptocurrency, and the rising price per BTC increases asset value, enabling further loans, which are then reinvested in more Bitcoin purchases.

据信，为了维持收购，MicroStrategy 通过发行可转换债券和公司债券、获得信贷额度和出售股票等方式筹集资金。这个周期的运作方式似乎如下：出售股票以获取加密货币，每个比特币价格的上涨增加了资产价值，从而可以提供更多贷款，然后将贷款再投资于购买更多比特币。

Some observers are warning that a significant decline in Bitcoin's price or MicroStrategy's stock could trigger a cascade effect. A sharp fall in MSTR shares would weaken the collateral backing its loans, potentially leading to forced asset sales, including BTC. This scenario could exert downward pressure on the broader cryptocurrency market, as the company now holds 2.2% of the global Bitcoin supply.

一些观察家警告说，比特币价格或 MicroStrategy 股票的大幅下跌可能会引发连锁效应。 MSTR 股价大幅下跌将削弱支持其贷款的抵押品，可能导致包括比特币在内的资产被迫出售。这种情况可能会给更广泛的加密货币市场带来下行压力，因为该公司目前持有全球比特币供应量的 2.2%。

Thus, while some view Michael Saylor’s approach as a bold bid to cement the cryptocurrency's role in the financial system, others see it as unsustainable. History offers a cautionary note: in 2000, MSTR shares surged to $333 before plummeting 99%, a collapse that took 24 years to recover from.

因此，虽然一些人认为 Michael Saylor 的做法是巩固加密货币在金融体系中的作用的大胆尝试，但其他人认为这是不可持续的。历史给我们留下了警示：2000 年，MSTR 股价飙升至 333 美元，随后暴跌 99%，这次暴跌花了 24 年才恢复过来。